Trump hails “great success” in first face-to-face meeting with Xi since 2019

• US and China agree to reduce fentanyl tariffs and ensure rare earth supply.
• Trump announces a one-year extendable deal on rare earths and farm purchases.
• Leaders pledge cooperation on Ukraine and other global issues.
• Trump signals resumption of US nuclear weapons testing.

US President Donald Trump described his Thursday meeting with Chinese President Xi Jinping as a “great success,” following an agreement to trim tariffs on fentanyl-related imports and maintain the flow of critical rare earths. The talks in Busan, South Korea, marked the first in-person meeting between the two leaders since 2019.

“I thought it was an amazing meeting,” Trump said, praising Xi as a “tremendous leader of a very powerful country” and announcing plans to visit China in April. He highlighted that China would immediately purchase “tremendous amounts of soybeans and other farm products,” a key concern for his political base in the United States.

The leaders reached an extendable one-year deal on China’s supply of rare earths, crucial materials used in electronics and advanced industries. “All the rare earths has been settled, and that's for the world,” Trump told reporters aboard Air Force One. China had imposed additional export controls on rare earths earlier this month.

On fentanyl, Trump said, “We agreed that he was going to work very hard to stop the flow... I put a 20-percent tariff on China because of the fentanyl coming in... and based on his statements today I am going to reduce that by 10 percent.”

The closed-door talks lasted around an hour and 40 minutes. Senior officials, including Secretary of State Marco Rubio, Treasury chief Scott Bessent, and Commerce Secretary Howard Lutnick for the US, and Foreign Minister Wang Yi, Commerce Minister Wang Wentao, and Vice Premier He Lifeng for China, accompanied both leaders.

Before the meeting, Xi emphasized the importance of cooperation despite differences. “China and the US can jointly shoulder our responsibility as major countries and work together to accomplish more great and concrete things for the good of our two countries and the whole world.”

Minutes before meeting Xi, Trump announced on Truth Social that he had instructed the Department of War to begin testing US nuclear weapons “on an equal basis” with other countries. He noted that China is a “distant third” behind the US and Russia in nuclear stockpiles but could match them within five years. The announcement followed Russia’s recent test of a nuclear-capable underwater drone.

The summit took place on the sidelines of the APEC meeting in Gyeongju, South Korea, concluding Trump’s Asia tour, during which he received gifts and accolades, including a replica of an ancient Korean golden crown. In Japan, Prime Minister Sanae Takaichi proposed Trump for the Nobel Peace Prize.

Trump also reaffirmed the US-South Korea military alliance and approved Seoul’s construction of a nuclear-powered submarine. He indicated hopes to resolve tensions on the Korean Peninsula in future discussions with North Korea. Taiwan was not discussed during the meeting, but Trump confirmed that he and Xi agreed to “work together” on Ukraine.